免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结论合理，但公司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 发生任何变化。且全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，客户应当自主做出期货交易决策，独立承担期货交 易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全 部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 LPG早报 研究中心能化团队 2026/01/09 L P G 日期 华南液化气 华东液化气 山东液化气 丙烷CFR华 南 丙烷CIF日本 CP预测合 同价 山东醚后碳四 山东烷基 化油 纸面进口利润 主力基差 2025/12/31 4590 4376 4250 581 545 516 4440 71 ...

LPG早报 研究中心能化团队 2026/01/07 L P G 日期 华南液化气 华东液化气 山东液化气 丙烷CFR华 南 丙烷CIF日本 CP预测合 同价 山东醚后碳四 山东烷基 化油 纸面进口利润 主力基差 2025/12/29 4510 4380 4320 580 531 508 4430 7130 -163 434 2025/12/30 4510 4372 4300 582 542 515 4440 7150 -172 375 2025/12/31 4590 4376 4250 581 545 516 4440 7100 -80 318 2026/01/05 4860 4413 4400 580 529 515 4470 7100 198 377 2026/01/06 4865 4457 4420 595 546 526 4430 7100 90 325 日度变化 5 44 20 15 17 11 -40 0 -108 -52 日度观点 周一，盘面偏强运行，主要原因是地缘导致能化品种整体情绪较好，外盘价格上涨运行，叠加LPG自身现货偏强运行。02-03月差94 （-10），03-04月差-185（-2 ...

免责声明: LPG早报 研究中心能化团队 2026/01/06 L P G 日期 华南液化气 华东液化气 山东液化气 丙烷CFR华 南 丙烷CIF日本 CP预测合 同价 山东醚后碳四 山东烷基 化油 纸面进口利润 主力基差 2025/12/26 4510 4384 4270 589 541 512 4500 7150 -233 390 2025/12/29 4510 4380 4320 580 531 508 4430 7130 -163 434 2025/12/30 4510 4372 4300 582 542 515 4440 7150 -172 375 2025/12/31 4590 4376 4250 581 545 516 4440 7100 -80 318 2026/01/05 4860 4413 4400 580 529 515 4470 7100 - - 日度变化 270 37 150 -1 -16 -1 30 0 - - 日度观点 周一，民用气方面，华东4413（+37），山东4400（+150），华南4860（+270）。醚后碳四4470（+30）。最低交割地为山东。基差2 16（-49） ...

以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结论合理，但公司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 发生任何变化。且全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，客户应当自主做出期货交易决策，独立承担期货交 易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全 部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 LPG早报 研究中心能化团队 2025/12/12 L P G 日期 华南液化气 华东液化气 山东液化气 丙烷CFR华 南 丙烷CIF日本 CP预测合 同价 山东醚后碳四 山东烷基 化油 纸面进口利润 主力基差 2025/12/05 4470 4411 4500 595 552 503 4470 7150 -36 ...

Report Industry Investment Rating - Not provided Core Viewpoints - The domestic market has a relatively high valuation. Although the domestic chemical industry has poor profits, its operation remains stable, and there are expectations of a slight increase in civil demand. The short - term driving force still has support. Attention should also be paid to winter weather and oil price conditions [1] Summary by Relevant Data Daily Changes - On Wednesday, for civil LPG, the price in East China was 4424 (+32), in Shandong was 4370 (-80), and in South China was 4440 (+0). The price of ether - after carbon four was 4570 (+20). The lowest delivery location was Shandong, with a basis of 80 (-48), and the 01 - 02 monthly spread was 91 (+25). As of 21:00, FEI was 525.67 (+4.67) and CP was 517.67 (+7.67) US dollars per ton [1] Weekly Changes - The futures market fluctuated, with a basis of 143 (+232), 01 - 02 monthly spread of 79 (+3), and 03 - 04 monthly spread of - 211 (-19). There were 4611 lots of warehouse receipts (-200). Civil LPG prices rose, and the cheapest deliverable was East China civil LPG at 4411 (+88). The external market FEI declined, while CP and MB rose, and the oil - gas ratio decreased. Both domestic and international prices weakened, with PG - CP dropping to 100 (-21) and PG - FEI to 79 (-7). The US - Asia arbitrage window opened. The arrival premium of propane in East China was 97 (-2), and the FOB premiums of AFEI, Middle East, and US propane were 30 (+18.75), 25 (-13), and 43 US dollars (+4) respectively. Freight rates declined. The spot profit of PDH weakened, and the futures profit decreased; the alkylation unit improved; the MTBE profit fluctuated. Port inventories decreased (-7%) due to a significant drop in arrivals (-18%) and a slight increase in demand; refinery inventories slightly increased (+0.86%). The PDH operating rate was 70.22% (+0.4pct), the alkylation operating rate was 37.93% (+1pct), and the MTBE operating rate was 71.58% (+0) [1]

以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结论合理，但公司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 发生任何变化。且全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，客户应当自主做出期货交易决策，独立承担期货交 易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全 部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 免责声明: LPG早报 研究中心能化团队 2025/12/10 L P G 日期 华南液化气 华东液化气 山东液化气 丙烷CFR华 南 丙烷CIF日本 CP预测合 同价 山东醚后碳四 山东烷基 化油 纸面进口利润 主力基差 2025/12/03 4530 4411 4480 583 530 501 4480 71 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The domestic market has a relatively high valuation. Although the domestic chemical industry has poor profits, the operating rate remains firm, and there is an expectation of a slight increase in civil demand, so there is still short - term support. Attention should also be paid to winter weather and oil price conditions [1]. 3) Summary by Related Content Daily Changes - On Monday, for civil gas, the prices in East China were 4401 (-10), in Shandong 4500 (+0), and in South China 4460 (-10). The price of ether - after carbon four was 4540 (+70). The lowest delivery location was East China, with a basis of 91 (-52) and a 01 - 02 month spread of 71 (-8). As of 21:00, FEI was 528 (+2) and CP was 508 (+2) dollars/ton [1]. Weekly Views - The futures market fluctuated. The basis was 143 (+232), the 01 - 02 month spread was 79 (+3), and the 03 - 04 month spread was -211 (-19). The number of warehouse receipts was 4611 (-200) hands. Civil gas prices rose, and the cheapest delivery product was East China civil gas at 4411 (+88). The external market FEI declined, while CP and MB increased, and the oil - gas ratio decreased. Both domestic and external markets weakened. PG - CP dropped to 100 (-21); PG - FEI dropped to 79 (-7). The US - Asia arbitrage window opened. The arrival premium of propane in East China was 97 (-2), and the FOB premiums of propane in AFEI, the Middle East, and the US were 30 (+18.75), 25 (-13), and 43 dollars (+4) respectively. Freight rates decreased [1]. - PDH spot profits weakened, and the futures market profits declined; the alkylation unit improved; MTBE profits fluctuated. Port inventories decreased (-7%) due to a significant drop in incoming ships (-18%) and a slight increase in demand; refinery inventories increased slightly (+0.86%). The PDH operating rate was 70.22% (+0.4pct), the alkylation operating rate was 37.93% (+1pct), and the MTBE operating rate was 71.58% (+0) [1].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The domestic market has a relatively high valuation. Although the domestic chemical industry has poor profits, its operation remains stable, and there is an expectation of a slight increase in civil demand. Therefore, there is still short - term support for the driving force. Attention should also be paid to winter weather and oil price conditions [1] 3. Summary by Relevant Content 3.1 Daily Changes - On Friday, in the civil gas market, the price in East China was 4411 (+0), in Shandong was 4500 (+20), and in South China was 4470 (-50). The price of ether - post carbon four was 4470 (+10). The lowest delivery location was East China, with a basis of 79 (-22), and the 01 - 02 month difference was 79 (+0). As of 15:00, FEI was 516 (-1) and CP was 498 (-4) dollars/ton [1] 3.2 Weekly Views - The futures market fluctuated. The basis was 143 (+232), the 01 - 02 month difference was 79 (+3), and the 03 - 04 month difference was -211 (-19). The number of warehouse receipts was 4611 lots (-200). The price of civil gas increased, and the cheapest deliverable product was East China civil gas at 4411 (+88). The external market FEI declined, while CP and MB increased, and the oil - gas ratio decreased. Both domestic and international markets weakened. The PG - CP spread reached 100 (-21); the PG - FEI spread reached 79 (-7). The US - Asia arbitrage window opened [1] - The arrival premium of propane in East China was 97 (-2), and the FOB premiums of propane in AFEI, the Middle East, and the United States were 30 (+18.75), 25 (-13), and 43 dollars (+4) respectively. Freight rates declined. The spot profit of PDH weakened, and the futures profit decreased; the alkylation unit improved; the MTBE profit fluctuated [1] - Port inventories decreased (-7%) due to a significant drop in arrivals (-18%) and a slight increase in demand; refinery inventories increased slightly (+0.86%). The PDH operating rate was 70.22% (+0.4pct), the alkylation operating rate was 37.93% (+1pct), and the MTBE operating rate was 71.58% (+0) [1]

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report - The PG futures price declined. The basis was -43 (-57), and the spread between January and February contracts was 109 (-19). Domestic civil LPG prices decreased, the spread between propane and civil LPG narrowed, and the number of warehouse receipts was 4561 (-54). [1] - The prices of overseas paper goods decreased, the monthly spread strengthened, the change in the oil - gas price ratio between North Asia and North America was small. The domestic - overseas PG - CP spread was 126 (-2); PG - FEI was 114 (+3). The discounts for East China arrival, North America, and AFEI departure remained flat, the Middle East supply was tight with a discount of 35 US dollars (+13). Freight rates decreased slightly. [1] - The FEI - MOPJ spread narrowed to -55 (+11). The profit of propylene production from PDH in Shandong slightly recovered, the alkylation unit slightly improved but was still poor, the MTBE production profit fluctuated, and the export profit was still good. [1] - The arrival volume increased, the external release decreased, factory inventories slightly increased, and port inventories increased. The PDH operating rate was 69.64% (-2.1), and the second - phase PDH of Dongguan Juzhengyuan was expected to restart next week. [1] - Overall, the domestic chemical sector was relatively strong, and civil demand increased, but the arrival volume was expected to be high in December; the Middle East supply was tight, but the market may tend to wait and see as the CP official price was approaching. Attention should also be paid to the weather and oil prices. [1] 3) Summary According to Related Data Daily Changes - On Thursday, for civil LPG, the price in East China was 4411 (+0), in Shandong was 4480 (+0), and in South China was 4530 (+0). The price of ether - after carbon four was 4460 (-20). The lowest delivery location was East China, with a basis of 101 (-21), and the spread between January and February contracts was 79 (-17). [1] - As of 15:00, FEI was 517 (+10) and CP was 502 (+3) US dollars per ton. [1] Weekly View - The PG futures price declined, the domestic civil LPG price decreased, the difference between propane and civil LPG narrowed, and the number of warehouse receipts decreased. [1] - Overseas paper goods prices declined, the monthly spread strengthened, the change in the oil - gas price ratio between North Asia and North America was small, and the domestic - overseas spreads changed. The discounts and freight rates had corresponding changes. [1] - The profit of some chemical production units changed, the arrival volume increased, the external release decreased, inventories increased, and the PDH operating rate decreased. [1] - The domestic chemical sector was relatively strong, civil demand increased, but the arrival volume was expected to be high in December, and the market may wait and see as the CP official price was approaching. Attention should be paid to the weather and oil prices. [1]

LPG早报 研究中心能化团队 2025/12/04 L P G 日期 华南液化气 华东液化气 山东液化气 丙烷CFR华 南 丙烷CIF日本 CP预测合 同价 山东醚后碳四 山东烷基 化油 纸面进口利润 主力基差 2025/11/27 4335 4310 4450 575 538 497 4480 7100 -347 76 2025/11/28 4360 4323 4460 595 552 501 4490 7080 -474 -52 2025/12/01 4460 4376 4470 596 537 505 4490 7080 -380 118 2025/12/02 4530 4376 4470 586 529 501 4500 7110 -232 164 2025/12/03 4530 4411 4480 - 530 - 4480 7100 - 222 日度变化 0 35 10 - 1 - -20 -10 - 58 日度变化 周三，民用气方面，华东4411（+35），山东4480（+10），华南4530（+0）。醚后碳四4480（-20）。最低交割地为华东，基差12 9（+65），01-02月差91（+4） ...